Yuldashov Azizbek Abatovich
Master of Karakalpak State University
azizbek9696@bk.ru
Summary. In this article, the basic concepts of blockchain technology, the main idea of
blockchain technology, the mathematical basis of blockchain technology, the application of hash
function algorithms and the main ideas of the application of blockchain technology in the bank
lending system.
Keywords. Blockchain, hash function, transaction, block, symmetric, decryption, hashing.
Nowadays, every day we hear news that is an important factor in the economy of our country, is
rich in innovations, in particular, due to the rapid development of the global banking and financial
system, the banking sector, which is one of the most important sectors of the economy, is increasingly
in need of new modern information and communication technologies [1].
Indeed, the speed, quality and transparency of all services provided by commercial banks using
information and communication technologies is a requirement of today. It is no secret that the various
forms of modern remote banking services, which are now replacing traditional banking services, provide
exactly the same quality and reliability. Modern banking services serve to increase the opportunities
of customers by creating greater convenience and transparency. Information technologies based on
modern service solutions for the banking system, widespread introduction of financial technologies,
ensure adequate information security, as well, measures are being taken to reduce the impact of the
human factor in the provision of financial bank lending services [1]. In this regard, the action strategy
sets out certain measures, and consistent research is currently underway to digitize the system and
ensure information security.
One such study is the liberalization of the lending system in the banking sector and the non-
use of third parties, ie brokers, in bank lending operations. In today’s digital world, we use brokers
first when performing any remote transactions. For example, money transfers from one account to
another, all electronic payments, utility bills, etc. We use brokerage systems such as Payme, Paynet,
PayPal, Click, etc., when conducting banking operations. Or in the process of conducting other types
of banking operations, brokers withhold their fixed commissions. This is definitely part of a whole
piece of information.
A blockchain is a growing list of records, called blocks, that are linked using cryptography[2]. Each
block contains a cryptographic hash of the previous block a timestamp, and transaction data (generally
represented as a Merkle tree)[3].
By design, a blockchain is resistant to modification of its data. This is because once recorded, the
data in any given block cannot be altered retroactively without alteration of all subsequent blocks. For
use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively
adhering to a protocol for inter-node communication and validating new blocks. Although blockchain
records are not unalterable, blockchains may be considered secure by design and exemplify a
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